FTC Alleges Fuel Card Marketer FleetCor Charged Hundreds of Millions in Hidden Fees

The Federal Trade Commission filed suit against a company that sells fuel card services to businesses, alleging that it has charged customers at least hundreds of millions of dollars in hidden fees after making false promises about helping customers save on fuel costs.   FleetCor is a publicly traded company headquartered in Atlanta, Georgia and reported $2.4 billion in annual revenues in 2018. FleetCor markets its fuel card services under its own “Fuelman” brand name, as well as through co-branded cards, to businesses around the country. Its business customers give FleetCor’s fuel cards to their employees to use in refueling company vehicles.

Michigan lawmakers eye no term limit payday loans

(Nadia Ramlagan/Michigan News Service)  Critics of a bill being considered by lawmakers that would allow payday lenders to offer longer term, higher dollar loans say the legislation puts the most vulnerable Michiganders at risk.  House Bill 5097 would allow payday lenders in Michigan to make loans of up to $2,500 with no limit on the length of the loan.

NY Governor Wants to License Debt Collectors

New York's governor is proposing to license debt collectors to make sure they're following state law.   Gov. Andrew Cuomo announced the proposal Thursday as part of his State of the State agenda for next year. The Democrat says he'll advance legislation on the issue.   An inquiry was sent to the New York State Collectors Association about Cuomo's plan.

Information on the Economic Status of Millennial Households Compared to Previous Generations

Recent research indicates that, across three key measures, economic mobility in the United States is limited. Specifically, the Millennial generation (those born between 1982 and 2000) might not have the same opportunity as previous generations had to fare better economically than their parents. According to studies GAO reviewed, the share of people making more money than their parents at the same age (absolute mobility) has declined over the last 40 years, and the chances of moving up the income distribution (relative mobility) have been flat over time. Using a third measure of economic mobility (intergenerational income elasticity), researchers have found that income in adulthood is linked to how much a person's parents made, and that between one-third and two-thirds of economic status is passed down from parents to children. This is especially true of the lowest and highest income groups. Researchers also identified race and geography as key determinants of an individual's economic mobility.

Fed Says Banks Cite Regulations Among Reasons for Repo Spike

(Bloomberg) -- Many of the largest U.S. banks pointed to regulatory restrictions on their balance sheets and reduced risk appetite to explain why they stood on the sidelines during the mid-September spike in overnight funding rates instead of profiting from the excess demand for short-term lending, according to a Federal Reserve survey. Three-fourths of primary dealers responding to the Fed’s December Senior Credit Officer Opinion Survey reported “basically no change” in secured lending from Sept. 16-18, compared with the first week in September, despite a higher lending rate. Fed officials had expected banks with excess liquidity to jump in with extra lending.

WebRecon Stats for Nov 2019: November was a mixed bag…

On the one hand, FDCPA and FCRA litigation were both down from October, -5.2% and -8% respectively. And FDCPA litigation was also down 5.9% over the month of October 2018 *and* down -9% YTD. TCPA was down -6.3% over the month of Oct 2018 and down -15.3% YTD. All good news for businesses in the crosshairs.

Senate passes robocall bill, gov’t spending packages

Lawmakers in the Senate Thursday passed legislation aimed at expanding the Federal Communications Commission's (FCC) enforcement authority over violations of the Telephone Consumer Protection Act (TCPA) and requiring voice services providers to authenticate and block illegal robocalls. The bill now moves to President Donald Trump for final action.

New CRS2020 Roundtable Announced

At SCOTUS, business groups and lawmakers cast doubt on DOJ’s proposed easy fix for CFPB

(Reuters) - I read the 23 amicus briefs filed Friday and Monday at the U.S. Supreme Court in Seila Law v. Consumer Financial Protection Bureau so you don’t have to. A bevy of business groups, including trade associations for consumer financial institutions regulated by the CFPB; Republicans in both the U.S. House and Senate; defendants in CFPB proceedings and conservative and libertarian groups told the Supreme Court that they agree with Seila Law that the CFPB’s structure is unconstitutional because the bureau’s lone director cannot be removed by the president except for good cause. 

More Americans worry they can’t pay off their holiday credit card debt

The holiday shopping “ho ho ho” is about to become oh no no for millions of American consumers. The latest CompareCards Credit Card Confidence Index shows only 40% of cardholders feel “very confident” about paying off their credit cards in full. That’s down from 46% who felt very confident at this time last year. “I think that a lot of that is simple pressure to spend,” CompareCards chief industry analyst Matt Schulz told Yahoo Finance’s On the Move. “A lot of it is simply not wanting to let your kids, or your friends, your family down. So people keep spending.”

FTC Grants Final Approval to Settlement with Former Cambridge Analytica CEO, App Developer over Allegations they Deceived Consumers over Collection of Facebook Data

The Federal Trade Commission has granted final approval to a settlement with the former CEO of Cambridge Analytica, LLC and an app developer who worked with the company to resolve allegations they used deceptive tactics to collect personal information from tens of millions of Facebook users for voter profiling and targeting.

Democratic Senators tell CFPB’s Kraninger to ‘do your job’ in scathing letter

Lawmakers continue to berate Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger over failures related to the oversight of student loan servicers, blaming her for allowing the massive problems in the student loan system to “fester.” In a new letter obtained exclusively by Yahoo Finance (embedded below), Senators Bob Menendez (D-NJ), Sherrod Brown (D-OH), Jack Reed (D-RI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), Elizabeth Warren (D-MA) and Mark Warner (D-VA) chided Kraninger for her handling of federal student loans and student loan servicers, telling her that after two years of “widespread reports of mistakes and mismanagement by federal student loan servicers, it is time that you accept responsibility, stand up to Secretary DeVos, and do your job.”

More borrowers are getting rejected for auto loans

U.S. consumers might have their pick of employment in today’s robust job market, but that doesn’t mean everyone is getting financed for a car.   A Federal Reserve Bank of New York survey of consumer credit released Monday showed a spike in the rate of auto-loan rejections, to 8.1% in October from 4.5% in the same month last year.

FTC Finalizes Settlement with Company that Misled Consumers about how it Accesses and Uses their Email

The Federal Trade Commission finalized a settlement with an email management company that allegedly deceived some consumers about how it accesses and uses their email.   The FTC alleged that Unrollme Inc., which helps users unsubscribe from unwanted emails or consolidate their email subscriptions, falsely told consumers that it would not “touch” their personal emails in order to persuade consumers to provide access to their email accounts.

New NAFCU report shows weakening loan growth

Credit unions have stronger loan growth than banks, though the margin is narrowing, according to NAFCU’s third-quarter CU Industry Trends report. The report also noted a weakening in loan growth, which is now below share growth for the first time since early 2013.

SIMM Associates employees collect canned foods for local branch of the Food Bank of Delaware

Newark, Delaware – December 6, 2019 – SIMM Associates employees participated in a Holiday Food Drive that benefited the local Newark branch of the Food Bank of Delaware. The total weight of the non-perishable food came to 714 pounds! These types of food drives are very important to the local food banks ability to provide food to the thousands of individuals they serve.

Where have all the CFPB fair-lending cases gone?

Despite assurances by the Consumer Financial Protection Bureau that it is serious about cracking down on fair-lending violations, the lack of any CFPB enforcement actions regarding redlining and other discriminatory practices in two years worries consumer and civil rights advocates. Neither CFPB Director Kathy Kraninger nor her predecessor, former acting Director Mick Mulvaney, has filed any fair-lending enforcement orders or referred possible Equal Credit Opportunity Act violations to the Department of Justice, in sharp contrast to the Obama administration.

Credit Access Survey Shows Increases in Housing Loan Applications and Approval Rates

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released results from its latest Survey of Consumer Expectations (SCE) Credit Access Survey, which provides information on consumers’ experiences with, and expectations about, credit demand and credit access. The survey is fielded every four months, the latest of which was fielded in October 2019. A press release summarizing trends from the past year is issued annually.

Fintech lenders tighten standards, become more like banks

Lara Briehl had a desperate client who was itching to accept an offer. The man was struggling to pay his bills, and an online lender had offered him a personal loan to pay off some 10 credit cards. Accepting, he thought, would help him escape crushing debt. The interest rate offered, however, was about 10 percentage points higher than on his plastic.

U.S. banking regulators unveil proposal to update low-income lending standards

WASHINGTON (Reuters) - Two U.S. banking regulators unveiled a proposed overhaul to community lending standards on Thursday, kicking off a contentious policy fight over the proper way to ensure banks are supporting lower-income borrowers where they do business.   The proposal would offer banks more specific examples of what sort of activity qualifies for credit under the Community Reinvestment Act and give them more flexibility in terms of where they engage in that type of lending.

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